AcuteMarketReports

​Global Compressed Natural Gas (CNG) Market Is Expected To Reach US$ 154.1 Bn By 2024

Press Release   •   Feb 20, 2017 14:44 IST

Global Compressed Natural Gas (CNG) Market Is Expected To Reach US$ 154.1 Bn By 2024: Growth In Natural Gas Vehicles Coupled Along With Favorable Regulatory Policies Is Projected To Drive The Demand For Compressed Natural Gas (CNG)

The latest market report published by Credence Research, Inc. “Compressed Natural Gas (CNG) Market, By Source, By Application and By Geography- Growth, Future Prospects and Competitive Analysis, 2016 - 2024,” the global compressed natural gas (CNG) market was valued at US$ 69.1 Bn in 2016, and is expected to each US$ 154.1 Bn by 2024, expanding at a CAGR of 10.5% from 2016 to 2024.

Browse the full Compressed Natural Gas (CNG) Market - Growth, Future Prospects and Competitive Analysis, 2016 – 2024 report at http://www.credenceresearch.com/report/compressed-natural-gas-cng-market

Market Insights

Global compressed natural gas (CNG) market is projected to witness high growth over the forecast period. Increasing adoption of CNG as alternative fuel to gasoline and diesel due to increasing fuel efficiency of the vehicles is projected to encourage the use of CNG as vehicle fuel. Further, favorable government initiatives such as subsidies especially in key consuming economies of Asia Pacific such as China, and India to promote the use of CNG due to its low greenhouse gases emission properties is projected to fuel the demand for the CNG over the forecast period. Increasing investment in infrastructure to increase the penetration of CNG as a vehicle fuel is also expected to augment the growth of the segment. This in turn is projected to drive the demand for CNG over the forecast period. However, lack of infrastructure and high installation cost for the storage and supply of CNG is expected to remain the key challenge for the global compressed natural gas (CNG) market during the forecast period (2016-2024).

Asia Pacific is projected to be the key consuming market in global compressed natural gas (CNG) market. Increasing number of natural gas based automobile coupled increasing investment in infrastructure for CNG storage and distribution facilities in the region is projected to augment the demand for CNG in the region. Further, favorable regulatory support to promote CNG as the alternative auto fuel due to its low greenhouse emission characteristics is anticipated to fuel the demand of CNG in the region. The region is also projected to witness highest growth over the forecast period (2016-2024).

By Source, non- associated segment was the most dominant segment in 2015 and anticipated to continue its dominance of over the forecast period. Increasing exploration and production of conventional natural gas reserves especially in Middle East & Africa and Europe is anticipated to drive the growth of the segment during the forecast period. Unconventional segment is expected to be the fastest growing segment during the forecast period. Growing shale gas production in U.S., Canada and China is anticipated to fuel the supply of natural gas through unconventional reserves over the forecast period (2016-2024).

By application, light passenger vehicles segment was observed to be the largest segment in 2015 in compressed natural gas (CNG) market owing to growing popularity of the CNG as an auto fuel due to higher efficiency of the CNG powered vehicles. Further, growth in number of passenger car due to growth in per capita disposable income of middle class especially in China and India is projected to fuel the demand for the CNG during the forecast period. The segment is anticipated to grow at significant rate and projected to maintain its dominance over the forecast period (2016-2024).

Browse the full Compressed Natural Gas (CNG) Market - Growth, Future Prospects and Competitive Analysis, 2016 – 2024 report at http://www.credenceresearch.com/report/compressed-natural-gas-cng-market

Considering the competition, the global compressed natural gas (CNG) market is expected to witness a significant rise in investment in capacity expansion for the production and supply of CNG. Further, market has witnessed strategic mergers and collaborations among compressed natural gas (CNG) regional and global players. Such growth strategies are focused on increasing their market penetration in key consuming economies.

About Us:

Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, we’ve manufactured a firm extraordinarily prepared to this task.

Who we are

Credence Research is a worldwide firm, containing more than 15 research consultants and almost 100 research and information professionals.

Our customers mirror our worldwide nature. Around 45% are in Europe, 30% in the Americas, 13% in Asia Pacific and 12% in the Middle East and Africa.

Our firm is intended to work as one. We are a solitary global research organization united by a solid arrangement of qualities, concentrated on customer effect.

What we do

We serve customers at each level of their organization, in whatever limit we can be most helpful, whether as a trusted counsel to top management or as a hands-on mentor for forefront representatives. For each engagement, we collect a group with the most suitable experience and ability.

No matter the challenge, we concentrate on delivering functional and persevering results, and preparing our customers to develop and lead. We join forces with customers to place suggestions into practice. Our research specialist work straightforwardly with customers over long stretches to create workforce aptitudes, drive operational change, and apply new working strategies.

Contact:

Name: Chris Smith

Designation: Global Sales Manager

E-mail: sales@credenceresearch.com

Ph: 1-800-361-8290

Web: http://www.credenceresearch.com

Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, we’ve manufactured a firm extraordinarily prepared to this task.